New Administrator Joo Young-sub of the Small and Medium Business Administration (SMBA) said the promotion of small- and medium-sized enterprises (SMEs) led Korea's unprecedented economic growth, the so-called “miracle of the Han River.”
Since its foundation in 1996, the SMBA has supported Korea's SME-led innovation as the cornerstone of the national economy. Considering that SMEs’ competitiveness can be translated into national competitiveness, SMBA's primary mission has been to foster challenging and innovative businesses so as to maximize the growth potential of Korea. SMEs account for 99 percent of all corporations, and 88 percent of all employees.
Historically, the nation's outward-looking policies featuring overseas market development were the engine that transformed Korea from a poverty-stricken nation to fast-growing industrialized economy.
“Now, we are expanding its outward-looking initiative, which was oriented around large enterprise-led activities,” Joo said. “The new focus is on the promotion of global SMEs as the pillar of the economy. We expect our initiatives to provide a climate that foster global small giants as a measure to maximize efficiency and create job opportunities at home and abroad.
Envisioning a win-win value chain through cooperation and collaboration with partners around the world, I expect this site to provide a channel for seamless communication, leading to common benefit and prosperity.”
Administrator Joo said the SMBA will go all out this year to create jobs, and expand exports by strengthening its support to small- and medium-sized firms, which are considered excellent in job creation and exports of their products, to expand their exports further.
The indexes for the creation of jobs and expansion of exports in the government’s evaluation of business firms to get government support will be doubled this year, Administrator Han said at a media briefing for the New Year held on Jan. 13 at the Small and Medium Business Central Hall in Yeouido, Seoul.
The rankings of small- and medium-sized firms picked for government support will depend on job creation ability and export increase potential, to overcome the sluggish economy and other rough conditions both at home and abroad, he said, adding that new gauges will be established to evaluate potential SMEs for government support this year.
The SMBA plans to strengthen the connection between the technological development of SMEs and the purchase of the products using developed technologies by large enterprises and public agencies.
The SMBA announced a plan to prepare and implement improvements for the Project for New Product/Technology Development with Purchase Condition to encourage major enterprises and public agencies to purchase products using technologies developed by SMEs.
The New Product/Technology Development Projects with a Purchase Condition is a project aimed at providing R&D support to SMEs carrying out technology development projects that were proposed by large enterprises and public agencies on a condition to buy the developed products.
The purpose of the improvement is to enhance the purchase of the developed products by large enterprises, public agencies, and other clients by strengthening the connection between technology developments by SMEs and purchases by large enterprises and public agencies.
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